Greece headed for default after talks with creditors collapse

Greece is teetering on default after talks with its international creditors collapsed.

Both sides traded recriminations, with European leaders blaming Athens for failing to offer anything new and Greek officials accusing creditors of forcing the country into capitulation on further pension and wage cuts.

The meeting lasted less than an hour, ending last-ditch efforts to resolve a deadlock, according to Reuters.

On Friday, Greek Prime Minister Alexis Tsipras had indicated he would accept a compromise in return for debt relief but eurozone officials said the Greek proposals were incomplete.

Athens is seeking emergency funding to repay 1.6 billion euros (US$1.8 billion) to the International Monetary Fund by the end of this month.

Reports say that with no deal in sight, eurozone governments might be contemplating Athen’s exit from the currency bloc.

A so-called “Grexit” could have serious consequences for Europe’s economy, some experts say, while others argue it will remove uncertainty over the eurozone.

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